The United States consumed 23.5 million barrels of petroleum and petroleum products per day in 2024. This figure represents an increase compared to the previous two years. Overall, petroleum use in the U.S. grew within the period of consideration.

Key information about United States Oil Consumption

• United States Oil Consumption was reported at 18,983.557 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 18,862.210 Barrel/Day th for Dec 2022
• US Oil Consumption data is updated yearly, averaging 17,634.400 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 20,531.482 Barrel/Day th in 2005 and a record low of 11,512.436 Barrel/Day th in 1965
• US Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

The transportation sector is the greatest consumer of petroleum in the United States. In 2024, it was responsible for the consumption of roughly 13.8 million barrels of petroleum per day. The industrial sector followed, using an average of 5.4 million barrels per day.

In 2023, the United States consumed nearly 19 million barrels of oil daily. In comparison to the previous year, figures increased by around 0.6 percent. Within the period of consideration the figure peaked at 20.8 million barrels of oil daily in 2005. The U.S. is the country with the highest oil consumption in the world. Domestic production U.S. oil production saw a noticeable growth after the Great Recession, as the energy industry developed extraction technologies to reduce the need to import high-priced oil. In 2021, domestic production amounted to 16.6 million barrels per day, while figures in 2008 stood at 6.8 million barrels per day. Texas is by far the leading crude oil producing state, with an annual production of two billion barrels in 2023. New Mexico was the second largest producer, at a quarter of Texas’ production. American oil companies As of June 2024, ExxonMobil had the highest market capitalization of any oil and gas producer in the world. Chevron and ConocoPhillips were also among the top 10 oil and gas companies worldwide based on market value, ranking second and seventh, respectively. ExxonMobil was founded in 1999, as a merger of Exxon and Mobil, formerly the Standard Oil Company of New Jersey and Standard Oil Company of New York, respectively. ExxonMobil is headquartered in Irving, Texas (although it has recently announced it will move it's headquarters further South to its Houston campus) and generated an operating revenue of 344 billion U.S. dollars in 2023. This figure represented an increase in comparison to 2021, when the company’s revenue dropped as a consequence of the coronavirus pandemic.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

Crude Oil Production in the United States increased to 13488 BBL/D/1K in March from 13240 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This statistic depicts the consumption volume of motor oil by the private sector in the United States from 2013 to 2017, and forecast figures for 2018 to 2024. By 2024, the volume of motor oil consumed by the U.S. private sector is expected to decrease to some 561 million gallons, compared to 579 million gallons in 2016.

Snapshot img { margin: 10px !important; } The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.

Market Overview

Browse TOC and LoE with selected illustrations and example pages of Fuel Oil Market

Request a FREE sample now!

Market Competitive Analysis

The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

BP Plc
Chevron Corp.
Exxon Mobil Corp.
JXTG Holdings Inc.
PJSC LUKOIL
PT Pertamina(Persero)
Qatar Petroleum
Reliance Industries Ltd.
Royal Dutch Shell Plc
SK Innovation Co. Ltd.

Fuel Oil Market: Segmentation by Application

Request for a FREE sample and Get more information on the market contribution of various segments

The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.

However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.

Fuel Oil Market: Segmentation by Geography

For more insights on the market share of various regions Request for a FREE sample now!

North America will offer several growth opportunities to market vendors during the forecast period. The strong consumption of space heating fuel, growing refinery capacity, and proliferating marine trade will significantly influence fuel oil market growth in this region over the forecast period. The US is a key market for fuel oil in North America.

Fuel Oil Market: Key Drivers and Trends

The fluctuation in oil prices has affected the business of several oil and gas companies and refinancing companies. As a result, crude oil processing projects generate less revenue and many oil and gas companies suspend or postpone their exploration and production projects. Fluctuations in crude oil prices also impact investments in E&P and refining projects. Such factors will result in a slowdown in the growth of the global fuel oil market during the forecast period.

The adoption of blockchain in the oil and gas industry helps in overcoming several issues including the complexity of logistics, high fuel prices, and environmental pollution. Blockchain platforms facilitate secure and faster transactions between the entities and maintain transparency. Blockchain also helps in reducing cash cycle time and intermediary costs. These benefits will result in an increase in the adoption of blockchain to enhance the overall operational efficiency of the existing refineries. As a result of such factors, the fuel oil market will register a CAGR of (13)% during the forecast period.

Request for a FREE sample

Fuel Oil Market: Key Highlights of the Report for 2020-2024

CAGR of the market

Domestic palm oil consumption in the United States (U.S.) amounted to approximately 1.8 million metric tons in 2024. There has been a decrease of over 1,000 metric tons in comparison to the previous year. Palm oil in the U.S. Palm oil is an edible vegetable oil. It is used for food manufacturing as well as in non-edible products such as beauty products and biofuel. A division of palm oil usage in the U.S. by purpose type shows that the vast majority of palm oil is for edible usage. Palm oil is the third most frequently consumed type of edible oil in the United States. Americans consume about 1.8 million metric tons of palm oil, compared to about 11.6 and 2.8 million metric tons of soybean and rapeseed oil, respectively. The volume of imports of palm oil to the U.S. amounts to around 3.6 billion pounds annually. The market for palm oil worldwide Among the different types of vegetable oils consumed worldwide, palm oil is the most consumed type of vegetable oil. The worldwide consumption of palm oil amounts to more than 76.04 million metric tons. Palm oil also has the highest import volume of vegetable oils worldwide, with just under 50 million metric tons of imports annually. In total, the global production of vegetable oils is approximately 218 million metric tons and expected to increase further.

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

Discover how the demand for refined palm oil in the United States is driving market growth, with forecasts showing an anticipated CAGR of +4.2% in volume and +5.4% in value from 2024 to 2035.

Since 2003, the consumption of coconut oil in the U.S. has fluctuated, but overall increased by almost 20 percent. According to the report, U.S. domestic coconut oil consumption amounted to approximately 467,000 metric tons in 2024. The global production volume of coconut oil amounted to 3.59 million metric tons in 2022.

Oil consumption worldwide reached approximately ************* barrels per day in 2023. This was an increase of around ***** percent in comparison to the previous year, when global oil consumption experienced a drop as a result of the pandemic-enforced mobility restrictions which, in turn, led to a decline in transportation fuel demand. Apart from the years of the financial crisis and the 2020 coronavirus pandemic, oil consumption consecutively increased in every year since 1998. Oil demand by region As a region, Asia-Pacific has the highest demand for oil in the world, followed closely by the Americas. The United States alone contributes strongly to this high regional demand in the Americas, as it is the country with the largest petroleum consumption in the world. Oil is mainly used as a raw material for motor fuels or as a feedstock in the chemicals industry for products ranging from adhesives to plastics. It has historically also been used as a source for electricity and heat generation, although to a lesser extent than other fossil fuels such as coal and natural gas. Where is oil produced? Though the U.S. holds only around **** percent of proved oil reserves, it currently accounts for the greatest share of global crude oil production, surpassing countries with far larger oil reserves such as Saudi Arabia. With the expansion of the shale oil industry through new methods of extraction like hydraulic fracturing and horizontal drilling, the United States has become less dependent on oil imports as domestic production has drastically increased.

Learn about the expected growth in the soybean oil market in Northern America over the next decade driven by increasing demand. Market volume is projected to reach 15M tons by 2035, with a market value expected to reach $19.3B.

Forecast: Palm Oil Domestic Industrial Consumption in the US 2024 - 2028 Discover more data with ReportLinker!

The article discusses the rising demand for virgin olive oil in the United States, projecting a steady increase in consumption over the next decade. Market performance is expected to grow at a moderate rate, with volume reaching 310K tons and market value reaching $2.9B by 2035.

The U.S. crude oil market rose significantly to $525.4B in 2024, growing by 5% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Crude oil consumption peaked at $557.7B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

U.S. downstream oil and gas market was valued at USD 18.8 Million in 2023 and is projected to reach USD 20.8 Million by 2031, growing at a CAGR of 6.5% from 2024 to 2031.

Increasing Energy Demand: The demand for energy in the U.S. continues to grow, driven by population growth, industrial activities, and transportation. According to the U.S. Energy Information Administration (EIA), the U.S. petroleum consumption in 2023 was approximately 20.25 million barrels per day, highlighting the steady demand for refined products like gasoline and diesel.

Technological Advancements in Refining: nnovations in refining technologies, such as hydrocracking and catalytic cracking, are improving efficiency and increasing the production of high-value products. This is driving growth in the downstream sector, with companies like ExxonMobil and Chevron investing in digital and automated refining systems to enhance throughput and reduce costs.

Petrochemical Growth: The petrochemical industry is a major contributor to the downstream oil and gas market, as petrochemicals are used in a variety of products, including plastics, fertilizers, and medicines. In 2022, the U.S. produced about 40% of global ethylene, a key petrochemical feedstock, reinforcing the importance of petrochemicals in the downstream value chain.

The size of the U.S. Olive Oil Market was valued at USD 3.34 billion in 2023 and is projected to reach USD 5.51 billion by 2032, with an expected CAGR of 7.4 % during the forecast period. The U.S. olive oil market has been continuously growing, due to rising health-conscious consumer behavior and growing awareness of the benefits of olive oil. Extra virgin olive oil is valued for its heart-healthy fats, antioxidants, and anti-inflammatory properties, which have made it popular as a cooking and salad dressing staple. As more American consumers embrace Mediterranean diets, demand for premium, high-quality olive oil has increased. The market has also been impacted by the growth in culinary tourism and food bloggers who emphasize authentic and high-quality ingredients. With the increasing trend toward organic and sustainably sourced food, there is a rising preference for olive oils that are certified organic and traceable to their origin. The U.S. market is also diversifying olive oil products, including flavored oils and smaller, artisanal brands, offering consumers a wider range of choices. This growth trajectory continues to indicate expansion in the U.S. olive oil market. Recent developments include: In September 2024, Corto Olive Co. launched its limited-edition Harvest 2024 Agrumato-Method Calabrian Chili Olive Oil, perfect for enhancing fall and holiday recipes. This unique oil combines the vibrant flavors of fresh heirloom Calabrian chilies and fall-harvest olives, delivering a complex and multi-dimensional taste experience. Renowned for its 100% California-grown olive oil, Corto aims to inspire home chefs seeking to add a spicy twist to their culinary creations this season. , In April 2024, Filippo Berio teamed up with the Alzheimer’s Drug Discovery Foundation to raise awareness and fund research for Alzheimer’s disease and related dementias. This partnership aligns with emerging research suggesting that olive oil may benefit both cardiovascular and brain health. The collaboration aims to promote awareness of lifestyle changes, particularly healthy dietary choices, that can positively impact brain health, helping consumers make informed health decisions. , In March 2024, California Olive Ranch (COR), a leading producer of extra virgin olive oil (EVOO) and related types, launched its new Chef's Bottles, designed to provide a versatile and user-friendly option for enjoying high-quality EVOO in everyday cooking. This type follows COR's recent expansions, which include a 100% California EVOO Bag-in-Box and a recyclable aluminum bottle line. The Chef's Bottle offers improved pouring control and reflects the brand's dedication to California's stringent quality standards, which are recognized as the highest in the world for EVOO .